A firm is producing 100 units of output at a total cost of $400. The firm's average variable cost is $3 per unit. What is the firm's total fixed cost?
A. $100
B. $50
C. $300
D. $1
Answer: A
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According to the Application, as new products are constantly invented and introduced on the market,
A) the bias in the CPI can be large. B) the bias in the CPI will eventually disappear. C) the bias in the CPI will remain virtually unchanged. D) the bias in the CPI tends to become smaller.
Augustus bought his BMW convertible as a new car in 1998 and knows that it is in excellent condition. He now wants to sell it and knows that there are many other similar cars on the used car market that are lemons. As a result:
A) he should be able to sell my car at a premium price because of its excellent condition. B) he will have to accept a lower price for his car because buyers might think that it is a lemon. C) he will not be able to sell his car unless he offers some sort of guarantee. D) he will get the best price for his car by selling it to a dealer.
As a result of the housing market crash overall output fell, and prices:
A. decreased because the magnitude of shift was larger for aggregate demand than it was for aggregate supply. B. increased because the magnitude of shift was larger for aggregate demand than it was for aggregate supply. C. decreased because the magnitude of shift was smaller for aggregate demand than it was for aggregate supply. D. increased because the magnitude of shift was smaller for aggregate demand than it was for aggregate supply.
One person out of every 1000 is an economist and 90% of them are math oriented. If only 5% of the population is math oriented and you pick a person at random who happens to be math oriented, it is
A. likely that the person chosen is not an economist rather than an economist. B. likely that the person chosen is an economist rather than an non-economist. C. almost impossible the person will be an economist. D. almost certain the person will be an economist.